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Our American Income Life Insurance review uncovered a quality life insurance provider with over 70 years of experience providing products to customers of all ages. While the company does offer flexible whole and term life insurance options, the real standout was the add-ons and additional resources for kids. You can get a policy for your newborn, take advantage of several no-cost child safety products, and get blanket accident policies for youth-serving organizations.
Overall, American Income Life Insurance Company provides some unique options to meet a wide array of different life insurance needs.
American Income Overview
American Income Life Insurance Company was founded in 1951 by Harold Goodman and Bernard Rapoport. The company has grown and now covers over 2 million people with more than $130 million in annual insurance product sales. American Income Life is owned by Globe Life Inc., a publicly-traded company on the NYSE with a market cap of $8.46 billion.
The company has strong financial ratings and customers report a good experience BBB, although the provider was not included in J.D. Power’s most recent Life Insurance Customer Satisfaction Index.
- Online claim filing option
- Local agents located in most states
- International service available for Canada and New Zealand
- No online quote option available
- No guaranteed acceptance options
American Income Highlights
American Income Life Insurance Company has several positive marks when it comes to the overall customer experience. The BBB rates the company an A+, which is always a good starting point. The company does have a slightly higher than average number of complaints, according to the National Association of Insurance Commissioners (NAIC), which is something to consider.
Regarding the sign-up experience, the company website is well laid out with most of the pertinent information you need readily available. It would be nice to see an online quote option. That being said, the company does have an easy locating tool to find a local agent who services your area and can get you a quote and more information.
According to AM Best Financial, American Income Life earned an impressive financial strength score of an A+, which is one notch below the highest possible rating of A++. As the company is backed by a massive, publicly-traded company (Global Life Inc.), policyholders can rest assured knowing that they’re not dealing with a small or fly-by-night operation. Overall, American Income Life checks all the necessary boxes when it comes to financial strength.
The basic life insurance policies available through American Income Life are available as whole life plans or term life plans. Additionally, each of these plans can be augmented with a terminal illness rider that would give the policyholder access to benefits prior to death in certain medical situations.
What’s unique to the company that you won’t see everywhere else is the option to get a policy for your child or grandchild as a protective gift. The policy starts with $25,000 in coverage, and your family member has the option on pre-determined dates to purchase more coverage for a maximum of $150,000. The benefit here is that the options to get more coverage are available regardless of their health conditions.
|Reviews.com Score||AM Best Financial Strength Rating||J.D. Power 2019 U.S. Life Insurance Study Score**||NAIC Customer Complaints|
|American Income||3.1||A+||N/A||More complaints than average|
|Northwestern Mutual||5||A++||810||Fewer complaints than average|
|State Farm||5||A++||808||Fewer complaints than average|
|Nationwide||4.8||A+||783||Fewer complaints than average|
|New York Life||4.2||A++||770||Fewer complaints than average|
|Mutual of Omaha||4.2||A+||795||Fewer complaints than average|
|Principal||3.8||A+||789||Fewer complaints than average|
*All information accurate as of 9/22/2020.
**Based on a 1,000-point scale
The Bottom Line
Overall, American Income Life Insurance is a solid option for all age groups, but especially great for people with children. The company gives you the option to get a policy for your child or grandchild that can lock in coverage regardless of future health issues. Additionally, the company offers no-cost products to policyholders that can help keep your children safe throughout life.
We selected the best life insurance companies by first looking at each provider by market share to determine availability.
The top providers were then evaluated based on factors including the provider’s financial strength as indicated by organizations such as AM Best and Standard & Poors, customer service ratings and support, as well as average premiums.
American Income FAQ
American Income is over 70 years old and has great ratings from the BBB and AM Best Financial. Additionally, the company is backed by Global Life Inc., a publicly-traded company on the NYSE with a market cap of $8.46 billion. These are all indicators of a trusted insurer with a proven track record.
American Life offers whole and term life insurance. Additionally, the company offers a few additional insurance products and riders that can be added to an existing policy for extended coverage.
American Income Life doesn’t publicly post any rates for their life insurance plans. In order to get a quote, you’ll need to contact an agent in your area. The company’s website has an easy locator tool to help connect you with an agent servicing your local area.
American Income does not provide any information about paying out dividends to policyholders.
Certain applicants can get a policy without a medical exam. The exact answer to this question will depend on the policy you’re looking to get and your personal details. Your American Income Life agent can answer these questions better with more specific information about you.
Yes, you can cancel your policy with American Income Life. Do be aware that most of the more recent BBB website complaints deal with issues completing a cancellation. Ensure you discuss this with your agent before moving forward with a policy, so that you fully understand your options and the process.